NFT integration could harm Facebook, Twitter
NFT can drag traditional social networks like Facebook, Twitter into new troubles related to copyright and data control.
According to Wired, the move by Meta and Twitter is not surprising because Web 3.0 is a hot topic in the tech world, and NFT is an important part of this new generation of Internet. However, what Web3 advocates aim to do is remove the dominance of the Internet by giants like Meta and Twitter, which make billions of dollars by controlling user data.
Also, backing a market that is still rife with scammers is also a dangerous move for the giants of Silicon Valley. According to Alan Woodward, professor of cybersecurity at the University of Surrey (UK), the NFT market is lacking a leader. Therefore, when setting foot in this land, social networks will become the main responsible party. Professor Woodward said this is a matter of concern given the numerous copyright disputes that have taken place recently. "If there is a dispute about the NFT, who will those people turn to? Facebook or Twitter, of course. I don't understand why they want to take this 'debt'?", Mr. Woodward said.
Lawmakers around the world are also looking to limit the power from Meta, Twitter. These are also two of the Internet companies embroiled in a controversy over whether social networks are responsible for the spread of violent and extremist content. Going to NFT - the technology being used by many scammers and thieves - seems like a crazy move at the moment.
Both Twitter and Meta declined to comment on the matter.
"While there are still valid use cases for NFT, more and more people are losing faith in this trend," said PJ Cooper, founder of Pandimensional Trading. He supports Twitter's entry into the NFT market, but is concerned that users could save other people's NFT avatars and create their own NFTs from there.